Bristol Myers Squibb and Bain Capital Launch New Company Focused on Innovative Immunology Therapies to Meet Unmet Patient Needs
- Five immunology assets in-licensed from BMS, targeting unmet needs in autoimmune diseases, including a late-stage lupus asset.
- Bain Capital leads a $300 million financing commitment.
PRINCETON, N.J. & BOSTON, MASS. — Bristol Myers Squibb (NYSE: BMY, “BMS”) and Bain Capital today announced the launch of a new independent biopharmaceutical company (“NewCo”) focused on developing therapies for autoimmune diseases to address significant unmet patient needs. The company debuts with five immunology assets in-licensed from BMS and a \$300 million financing commitment led by Bain Capital.
NewCo’s pipeline includes three clinical-stage and two Phase 1-ready investigational medicines, each targeting promising mechanisms in autoimmune diseases. Its most advanced assets are afimetoran, an oral potential best-in-class TLR7/8 inhibitor currently in a Phase 2 trial for systemic lupus erythematosus (SLE), and BMS-986322, an oral TYK2 inhibitor that demonstrated proof-of-concept in a positive Phase 2 plaque psoriasis trial.
Other licensed assets include BMS-986326, a novel IL2 fusion protein in Phase 1 trials for SLE and atopic dermatitis, and BMS-986481 and BMS-986498, two Phase 1-ready biologics targeting the IL18 and IL10 pathways, respectively.
The assets licensed to NewCo highlight BMS’s strength in scientific innovation and offer potential to address unmet needs in autoimmune diseases. Under the agreement, BMS will retain nearly a 20 percent equity stake in NewCo and will be eligible for royalties and milestone payments linked to the success of each asset. Robert Plenge, MD, PhD, Executive Vice President and Chief Research Officer at BMS, will also join NewCo’s Board of Directors. This transaction reflects BMS’s strategic focus in immunology research on assets that may reset the immune system and support tissue repair, while continuing to invest in areas where the company is best positioned to lead. It also allows promising medicines to advance under dedicated development.
“These assets have considerable potential, and we are confident that this new company will drive their development to maximize patient impact,” said Julie Rozenblyum, Senior Vice President of Business Development at BMS. “Bain Capital’s proven expertise in building successful life science companies, through focused development and dedicated resources, makes them well-positioned to advance these assets to their full potential.”
Daniel S. Lynch will serve as Executive Chairman of NewCo’s Board of Directors and interim CEO. Mr. Lynch is a seasoned biopharmaceutical leader with decades of strategic, management, and operational experience across companies at various stages of growth. Joining him on the Board alongside Dr. Robert Plenge of BMS will be Nicholas Downing, MD, Adam M. Koppel, MD, PhD, and Andrew Kaplan from Bain Capital.
“We are thrilled to partner with BMS and share their dedication to improving lives through science,” said Adam Koppel, Partner at Bain Capital Life Sciences. “We look forward to applying our experience in company creation to build this new platform and advance these distinct assets, with the goal of delivering innovative, high-quality therapies to patients with autoimmune diseases.”
“This represents a unique opportunity to establish an innovative biotech company with a strong scientific foundation and differentiated development capabilities,” said Mr. Lynch. “I’m excited to leverage my experience to support the company’s success in developing much-needed new therapies and to collaborate with BMS and Bain Capital in building out the company’s operations.”
Bain Capital is investing in NewCo through its Life Sciences and Private Equity teams, leveraging more than 40 years of experience in fostering the growth and innovation of healthcare companies worldwide. The Canada Pension Plan Investment Board is also participating in the investment.
About Bristol Myers Squibb: Advancing Patient Care Through Science
At Bristol Myers Squibb, our mission is to discover, develop, and deliver innovative medicines that empower patients to overcome serious diseases. We are committed to pursuing bold scientific breakthroughs to shape the future of medicine and improve the lives of the patients we serve. For more information, visit BMS.com and follow us on LinkedIn, X, YouTube, Facebook, and Instagram.
Bristol Myers Squibb Cautionary Statement Regarding Forward-Looking Statements
This press release contains “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995. These statements relate to, among other things, the research, development, and commercialization of pharmaceutical products, the creation of NewCo, and the related agreement with NewCo. Any statements that are not historical facts may be considered forward-looking statements.
Forward-looking statements are based on current expectations and projections regarding future financial results, goals, plans, and objectives. They involve risks, assumptions, and uncertainties, including factors that could delay, divert, or alter outcomes in ways that are difficult to predict and may be beyond our control. As a result, actual results may differ materially from those expressed or implied in these statements.
Such risks and uncertainties include, but are not limited to, the possibility that the anticipated benefits and opportunities from the creation of NewCo and the agreement with NewCo may not be realized or may take longer than expected, that the assets discussed may not achieve primary study endpoints or obtain regulatory approval for the intended indications within the projected timeline—or at all—and, if approved, may not achieve commercial success. No forward-looking statement can be guaranteed.
Forward-looking statements should be considered in conjunction with the many risks and uncertainties affecting Bristol Myers Squibb’s business and the marketplace, particularly those described in the cautionary statement and risk factors in Bristol Myers Squibb’s Annual Report on Form 10-K for the year ended December 31, 2024, as updated by subsequent Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other SEC filings. These statements are made as of the date of this press release, and except as required by law, Bristol Myers Squibb assumes no obligation to update or revise any forward-looking statements due to new information, future events, or changes in circumstances.
About Bain Capital
Founded in 1984, Bain Capital is a leading global private investment firm dedicated to creating lasting value for investors, employees, businesses, and the communities in which it operates. As a private partnership, Bain Capital leverages a culture of collaboration and conviction to drive innovation, identify opportunities, and deliver exceptional outcomes.
The firm invests across five key areas: Private Equity, Growth & Venture, Capital Solutions, Credit & Capital Markets, and Real Assets, bringing deep sector expertise and extensive capabilities to each. With 24 offices across four continents, more than 1,850 employees, and approximately \$185 billion in assets under management, Bain Capital continues to advance its global impact.
For more information, visit www.baincapital.com (http://www.baincapital.com) and follow @BainCapital on LinkedIn and X (Twitter).
